VF Corporation adjusts full year revenue forecast
VF Corporation has increased its third quarter revenue by 22% to $3.6 billion, but has cut its full year revenue forecast.
The owner of The North Face, Vans and Timberland saw its international revenue climb by 19% in the period following a 26% rise in sales in Europe, although sales in Greater China declined by 6%.
Meanwhile, direct to consumer sales rose strongly by 30% as online sales surged by 21% in the period.
Steve Rendle, VF’s chairman, president and chief executive, said: “We delivered strong double-digit top and bottom line results and returned about $500 million in cash to shareholders in the third quarter, all of which has been achieved amidst continuing macro headwinds.”
VF said it is now expecting revenue for its full year to come in at approximately $11.85 billion compared to a previously forecasted £12 billion. This reflects growth of around 28% including an approximate $600 million contribution from the Supreme brand.
Rendle added: “The broad-based momentum across our brands is testament to the resilience of our diversified portfolio model, which has enabled us to deliver a strong quarter and reaffirm our full year earnings outlook in a challenging environment. I am confident that VF remains well positioned for continued, profitable, long-term growth.”
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